Automotive Plastics are specially developed polymers for the design and manufacturing of automotive parts such as flooring, engine components, and door panels, etc. This lightweight polymer helps to control fuel consumption and carbon footprint, increasing the fuel efficiency of vehicles. Moreover, these plastics also allow designers to implement innovative and durable designs. Resultantly, these light-weight polymers witness a huge uptake and demand in the manufacturing of vehicles. The heightened demand leads to driving the growth of the Automotive Plastics Market.
The Automotive Plastics Market has been witnessing steady growth over the past few years mainly due to the improving economic condition, worldwide that is enhancing consumers’ purchasing power. Consumers nowadays are demanding luxuries vehicles with the advancements in automobile exterior design that can give maximum fuel efficiency. This demand is escalating the market on the global platform, ascending the demand for the lightweight automotive components.
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Acknowledging the exponential accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the Global Automotive Plastics Market will achieve yet another ascending level by 2023, registering a CAGR of approximately 10.45% throughout the forecast period (2018 to 2023).
Some of the properties of automotive plastics such as high resistance to heat & weathering and versatility in applications & designing make them the trendiest forms of materials used in automobile manufacturing.
Additionally, factors such as the stringent governmental regulations pertaining to the vehicular emissions are increasing the size of the market by encouraging the automotive companies to switch their preferences from metals like steel and aluminum to light-weight plastics.
Nevertheless, factors such as the exceeding demand for emission and weight control composites alongside the high demand for improved vehicular designs would support the growth of the market over the forecast period. Also, technological advancements expected to be transpired soon are likely to present economical manufacturing processes reducing the selling cost of these plastics.
Automotive Plastics Market - Segments
For ease of understanding the report has been segmented into three key dynamics: -
By Types: Comprises - Polypropylene, Polyurethane, Acrylonitrile-butadiene-styrene, Polyamide, Polymethyl Methacrylate, Polycarbonate, and Others (Polyvinyl Chloride, Polyethylene).
By Applications: Interiors Body, Under Bonnet, Exterior Body, and Electrical Components among others.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
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Global Automotive Plastics Market - Regional Analysis
The Asia Pacific region, heading with its burgeoning automotive and transportation industry accounts for the dominating market in the Global Automotive Plastics Market, capturing the largest market share. Factors that are substantiating the growth of the regional market include the massive consumption of these composites in the ever increasing automotive and transportation industry in this region. Rapidly developing economies such as Japan, China, and India backed by their well-established automotive sectors, account for the major Automotive Plastics Markets in the APAC region.
The Automotive Plastics Market in the European region accounts for the second most significant market, globally. The already well-established, robust automotive industry in the region is witnessing a steady rise in the demand for the lightweight automotive component. Moreover, the automotive industry in major countries such as Germany, the U.K., France, and Italy is increasingly consuming these plastics components for manufacturing a number of under-hood parts.
North America Automotive Plastics Market is rapidly emerging as a profitable market, globally. Factors such as the growing demand for light-weight plastics for the manufacturing of aftermarket products of the interiors and exterior body are some of the major driving forces propelling the growth of the market. The US backed by the presence of the burgeoning automotive industry accounts for the major contributor to the growth of the market.
On the other hand, the Automotive Plastics Market in the Middle East & African (MEA) region is growing at a significant rate predominantly led by the growth of the automotive sector. Some of the GCC countries like the UAE, Saudi Arabia, and Qatar are leading the automotive plastics market in the region.
Automotive Plastics Market - Competitive Analysis
Highly competitive, the Global Automotive Plastics Market appears to be fragmented with a large number of big and small key players operating in the market, churning the competition. These players are investing substantially in incorporating strategic initiatives such as collaboration, acquisition, partnership, technology launch, and expansion and thus to maintain their positions in the market.
Major Players:
Key players leading the Global Automotive Plastics Market include Akzo Nobel N.V. (Europe), Evonik Industries (Europe), BASF SE (Europe), Saudi Basic Industries Corporation (SABIC - Saudi Arabia), DSM Company (Europe), Teijin Limited (Japan), The Dow Chemical Company (US), E. I. Du Pont De Nemours and Company (US), LyondellBasell Industries N.V. (US), and Quadrant group of companies (Japan) among others.
Industry/innovation/Related News:
April 04, 2019 --- Trinseo (the US), a material solutions provider and manufacturer of latex binders, plastics and synthetic rubber announced the launch of a lightweight plastic that can replace metal in semi-structural components. This new long-glass-fiber-reinforced acrylonitrile butadiene styrene (ABS LGF) alloy provides thirty percent weight savings compared to aluminum or magnesium.
In the scenario where auto manufacturers strive to reduce raw material costs and part weights, Trinseo’s ABS LGF alloy will undoubtedly help to an extent. Trinseo presented its invention at VDI’s Plastics in Automotive Engineering (PIAE) conference, held April 3-4, 2019 in Mannheim, Germany.
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